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ShangPharma Announces Second Quarter 2012 Results
Date:8/20/2012

SHANGHAI, Aug. 20, 2012 /PRNewswire-Asia/ -- ShangPharma Corporation (NYSE: SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced its unaudited financial results for the second quarter ended June 30, 2012.

Second Quarter 2012 Highlights

  • Net revenues increased by 15.7% year-over-year to $31.8 million.
  • Net revenues from the Company's top-10 customers increased by 21.3% year-over-year to $20.6 million, representing approximately 64.8% of total net revenues.
  • Net revenues from full-time-equivalent ("FTE")-based services increased by 21.0% year-over-year to $23.9 million.
  • GAAP gross margin was 27.8%, compared with 33.3% in the second quarter of 2011. Non-GAAP gross margin was 29.0%, compared with 34.7% in the second quarter of 2011.
  • GAAP operating margin was 2.4%, compared with 10.3% in the second quarter of 2011. Non-GAAP operating margin was 7.6% compared with 15.2% in the second quarter of 2011.

    • Management Comment"I am pleased to report that during a challenging second quarter, ShangPharma made excellent progress on several key strategic goals, including increasing revenue from biologics and shifting more of our work to FTE-based services," said Michael Xin Hui, founder and Chief Executive Officer of ShangPharma. "It is a testament to the strength of our offering that global leading pharmaceutical and biotech companies continued to expand their relationships with us."

    Mr. Hui continued, "Our previously discussed investments helped us to win additional business, but also placed pressure on our margins this quarter. The increased competition that we saw in more mature service offerings in the second quarter strengthened our confidence in our long-term strategy to invest in capabilities, facilities and staff, allowing
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    SOURCE ShangPharma Corporation
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